Products & Markets Insurance Market Consumers 2017 Update
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1 Products & Markets Insurance Market Consumers 2017 Update James Scanlon Senior Research Director
2 Life Insurance Ownership Trends
3 U.S. Households (millions) Life Insurance Ownership Volume is Growing Over 87 million U.S. households own life insurance, an increase of 5 million since Owns Group Life Owns individual Life Owns Any Life* Source: 2016 Life Insurance Ownership in Focus - Households
4 Percent Owning Life Insurance The Ownership Rate is Holding Steady The increase in ownership volume is linked to population growth, as market penetration remains at 70%. 100% Owns Group Life Owns Individual Life Owns Any Life* 90% 80% 70% 83% 83% 72% + 65% + 81% 62% 78% 76% 78% 70% 70% 60% 50% 40% 46% 54% 55% 53% 52% 52% 50% 50% 49% 46% 44% 44% 30% *Includes Individual, Group, SGLI & VGLI + Individual Life Sold Face-to-Face through an Agent 4 Source: 2016 Life Insurance Ownership in Focus - Households
5 Trends in Individual Life Insurance Buying Behavior Most buy through agents. The proportion buying through alternative methods increased by more than 25% in 2010 and 2016 studies. Trend indicates 1-in-3 may purchase via non-agent channels in Individual Life Insurance Ownership in Focus, LIMRA, 2017
6 Overlapping Coverage Households owning both individual and group coverage has been declining since This trend is driven by all household segments age 45 and older. Households owning both individual and group have the highest level of coverage adequacy (3.6 years). However, even among this best-protected segment, coverage adequacy has declined by 1.2 years since Group Only Individual Only Both % 45% 34% % 33% 43% % 32% 38% % 32% 34% % 33% 31% % 30% 33% % 34% 29% 0% 20% 40% 60% 80% 100% Life Insurance Ownership in Focus - Households
7 Income Replacement Ratio (years) Average Total Coverage** (dollars) Average Coverage is Declining The mean amount of coverage owned = $300K. Average coverage amounts and the average income replacement ratio have declined over the past 12 years. Any life insurance Individual life insurance Group life insurance Years of replacement coverage $350,000 $300,000 $250, $200,000 $150, $100, $50, $- ++Ratio of total coverage to annual household income. **Coverage in 2016 dollars. Winsorized means. 7 Source: 2016 Life Insurance Ownership in Focus - Households
8 U.S. Life Insurance Market Value The ACLI Fact Book estimates $20.1 trillion as the total amount of U.S. life insurance in force in Source: 2016 Life Insurance Ownership in Focus - Households
9 U.S. Life Insurance Market Opportunity 9 *Based on LIMRA Life Insurance Needs Model analysis Source: 2016 Life Insurance Ownership in Focus - Households
10 Life Insurance Coverage Gap Total life insurance coverage owned = $26 trillion. U.S. Households need another $12 trillion in coverage. Market need is almost ½ of the market s current size. 10 Life Insurance Ownership in Focus Households, LIMRA, 2016
11 Future Purchase Intentions Households saying they need more coverage declined by 18% since Yet, average income replacement ratios have declined by 6 months during this period. Households that are likely to buy in the next year increased by 80%. This huge increase suggests that many households are interested in adding to their coverage. 42% 39% 44% 50% 41% 23% 32% 27% 25% 45% Needs more life insurance Likely to buy in next 12 months* * Includes very likely and fairly likely to buy The increase in likelihood to buy is driven by key market segments: married couples under 45; higher income categories; and insured households Life Insurance Ownership in Focus - Households
12 Buying Influences Consumers are More Likely to Buy Life Insurance if... Trust sales representative Sales rep recommended to me Sales rep reviews/analyzes needs Meet face-to-face Presented as part of financial plan Can buy at place of work Whole process done on Internet Mail offer Rep wants me to buy at first meeting 0% 10% 20% 30% 40% 50% 60% Life Insurance Ownership in Focus - Households
13 Barriers to Buying Reasons Consumers Don't Buy (more) Life Insurance Other financial priorities 71% Can t afford it Put money in other financial products 60% 59% Difficult to decide how much to buy Difficult to know what type to buy Do Not Need Life Insurance Have Enough Insurance to Meet My Needs To avoid high-pressure sales tactics Worry about making the wrong decision Just haven t gotten around to it 52% 52% 51% 51% 47% 47% 46% Not received info related to my needs Unpleasant to think about dying No one has approached me 38% 36% 40% 0% 10% 20% 30% 40% 50% 60% 70% 80% Life Insurance Ownership in Focus - Households
14 Consumers' Financial Mindscape 14
15 The Financial Concern Index (FCI) 1.20 The FCI tracks the level of financial pressure consumers feel The pressure level dropped 8- points over the past 12 months Source: 2017 Insurance Barometer
16 FCI Components FCI reveals a consistent hierarchy of financial concerns. Health related items consistently dominate concern rankings Health Coverage Saving Goals Living Expenses Life Coverage Financial Concern Index 16 Source: 2017 Insurance Barometer
17 Financial Concern Hierarchy 17 Source: 2017 Insurance Barometer
18 Healthcare Services Component In this category, concern levels are about equal. Yet, ownership rates on related coverages are completely different. Almost 90 percent of Americans have medical coverage, compared with 20 percent for DI and 14 percent for LTCI coverage FCB Support if Disabled Long-Term Care Services Medical Expenses 18 Source: 2017 Insurance Barometer
19 Savings Goals Component The category of savings goals includes the desire for a comfortable retirement, which is consistently the top financial concern for American consumers. Retirement ranks number one each year, and it maintains its ranking across demographic segments FCB Money for retirement Losing Money on Investments Child's Education 19 Source: 2017 Insurance Barometer
20 Living Expenses Component Concern here is an indicator of consumers disposable income. When concern is high, it can overshadow savings goals. Concern for these items declined noticeably after 2012, and then spiked back up last year FCB Monthly Expenses Credit Card Debt Mortgage/Rent 20 Source: 2017 Insurance Barometer
21 Life Insurance Component Though life products occupy the lowest tier in the financial mindscape, concern about them is always present In the current environment, consumers are better positioned to address these issues, because they are less distracted by competing financial risks FCB Financial Hardship for Dependents Final Expenses Leaving an Inheritance 21 Source: 2017 Insurance Barometer
22 Sticky vs. Elastic Concerns Sticky Concerns Long-term care services Dependents financial security Credit card debt Comfortable Retirement Elastic Concerns Leaving an inheritance Dependent's education expenses 22 Source: 2017 Insurance Barometer
23 FCI Demographic Differences Financial concerns diminish as incomes rise Couples express more financial concern than singles Women express higher levels of financial concern 23 Source: 2017 Insurance Barometer
24 Your Trusted Source for Industry Knowledge For more information contact: Jim Scanlon Senior Research Director
25 RETIREMENT AND ROLE OF ANNUITIES IN RETIREMENT Jafor Iqbal LIMRA Secure Retirement Institute September 20, 2017
26 AGENDA UNDERSTANDING RETIREMENT MARKET ROLE OF ANNUITIES IN RETIREMENT A FEW STRATEGIES TO CONSIDER 26
27 More than 70% of U.S. households own $100k or less in investable financial assets. NUMBER OF U.S. HOUSEHOLDS BY WEALTH SEGMENTS IN MILLIONS 88.2 M 14.5 M 8.1 M 5.9 M Not-retired, age <55 Pre-retiree, age 55 or older Retired 4.3 M 1.5 M Page 27 Low-Net-Worth (Assets <$100k) Middle-Market (Assets $100k- $249k) Mass- Affluent (Assets $250k- $499k) Affluent (Assets $500k- $999k) Source: LIMRA Secure Retirement Institute analysis of Survey of Consumer Finances, Federal Reserve Board, Each square represents 100,000 households. High- Net- Worth (Assets $1 mil- $3.49 mill) Mega- Millionaires (Assets $3.5 mill or more)
28 Growth opportunity for advisors/firms in middle and mass-affluent markets TOTAL FINANCIAL ASSETS IN U.S. HOUSEHOLDS (IN TRILLIONS) $12.7 T Not-retired, age <55 Pre-retiree, age 55 or more Retired $2.4 T $2.9T $4.1 T $7.4 T $1.5 T Low-Net- Worth (Assets <$100k) Middle- Market (Assets $100k- $249k) Mass- Affluent (Assets $250k- $499k) Affluent (Assets $500k- $999k) High-Net-Worth (Assets $1 mil-$3.49 mill) Mega-Millionaires (Assets $3.5 mill or more) Source: LIMRA Secure Retirement Institute analysis of Survey of Consumer Finances, Federal Reserve Board, Each square represents $20 billion in investable assets. Page 28
29 84 percent of investable assets are in the hands of Boomers and retired Americans. Distribution of U.S. Household Investable Assets Total Investable Assets in the U.S. $ 31.0 Trillion Millennial Gen X Percent of Assets 2% 14% Boomers Not Retired 41% Fully/Partially Retired 43% Source: LIMRA Secure Retirement Institute analysis of the 2013 Survey of Consumer Finances, Federal Reserve Board, Page 29
30 Retirement market will grow for decades. 2021: 11,000 per day 2050: 12,000 per day 2025: 66 million 2035: 78 million 2025: $25 Trillion 10,000 per day 2016: Americans Reaching Age million 2015: Number of Retirees $13 Trillion 2015: Retirement Income Market Source: LIMRA Secure Retirement Institute analysis of 2013 Survey of Consumer Finance, Federal Reserve Board, The retirement income market size estimate reflects consumers aged 25 or over, and households with assets between $50k and $4.9 million. Page 30
31 Dear Advisor, The 5 most valuable services from you are Minimize risk of running out of money 42% Protect portfolio pincipal Most Valued Advisor Services Percent of pre-retirees Minimize taxes Have a more realistic picture of life I can afford in retirement Maintain perspective and think clearly of events/ trends 32% 27% 26% 25% Source: Dear Advisor, LIMRA Secure Retirement Institute, Three maximum choices for top most valuable services. Page 31
32 02 ROLE OF ANNUITIES IN RETIREMENT 32
33 Total U.S. individual annuity sales declined in 2016 Annuity Sales: (In Billions) Variable Deferred Fixed-rate Deferred Deferred income (DIA) Fixed Indexed Immediate Income $233.3 $214.7 $224.5 $231.5 $230.2 $0.2 $8.1 $1.0 $2.2 $2.7 $2.7 $8.3 $9.7 $9.1 $34.9 $7.7 $24.7 $29.3 $30.8 $30.9 $32.2 $33.9 $39.3 $48.2 $54.5 $216.3 $2.8 $38.7 $60.9 $9.2 $157.9 $147.4 $145.4 $140.1 $133.0 $ Source: U.S. Individual Annuity Yearbook 2016, LIMRA Secure Retirement Institute, Structured Settlement sales is not included.
34 Looking at annuity sales by investment objectives why buyers buy them gives a clearer picture TRADITIONAL VIEW Retail Annuity Sales by Product Types : (in Billions) Income Annuities Fixed Indexed $206.8 $204.7 $12.4 $11.7 $29.4 $28.8 $47.0 $53.0 Fixed-rate Deferred Variable $191.7 $11.9 $36.6 $59.4 THE NEW VIEW Retail Annuity Sales by Investment Objectives: (in Billions) Market Growth Principal preservation Income Later Income Now $39.0 $40.0 $49.4 $55.6 $34.0 $65.0 $117.9 $111.1 $ $108.7 $100.0 $83.5 $9.7 $9.2 $ Source: Analysis completed by LIMRA Secure Retirement Institute using U.S. Individual Annuities survey, VA GLB Election tracking survey, and Indexed annuity GLWB Election Tracking Surveys. 34 Note: Totals include only retail annuity sales and exclude sales in Employer Plans and Structured Settlements. Market Growth includes sales of VAs without a GLB rider; Principal Preservation includes fixed indexed annuity sales without GLBs, fixed-rate deferred annuity sales, and VA GMAB rider sales; Income Later includes VA sales with GLWB/GMIB/GMWB riders elected, fixed indexed annuity sales with GLWB riders elected, and deferred income annuity sales; and Income Now includes immediate income annuity sales.
35 Once you know what are buyers investment objectives & riskreturn tradeoff, it is easier to find the right annuity 35% 28% Annuity for Market Growth Percent of buyers VA without GLB 35% 28% Annuities for Income later Percent of buyers VA w/ GLB Indexed w/ GLB 21% 21% 14% 14% 7% 7% 0% Under 51 to 56 to 61 to 66 to 71 to 76 to Over % Under to to to to to to 80 Over 80 Annuity for Principal Preservation Percent of buyers Annuity for Income Now Percent of buyers 35% 28% Indexed without GLWB Fixed-rate Annuity 35% 28% Immediate Income Annuity 21% 21% 14% 14% 7% 7% 0% Under to to to 80 0% Under to to to Source:, Annuity Buyer Metrics, LIMRA Secure Retirement Institute, 2017
36 Roughly 1 in 6 U.S. households own a deferred annuity Deferred Annuity Market Penetration Rates by Age and Other Characteristics 28% 30% 26% 26% 30% 16% 13% 22% 19% 11% 7% 7% 4% 7% All Age <$50k $50k - $249k $250k+ Not-retired Retired No Yes Households Age HH Assets Retirement status Have an Advisor Source: The 2014 Consumer Study, LIMRA Secure Retirement Institute, The survey is based on 3,000 respondents. 36
37 Average premium for all guaranteed lifetime income annuities = $115k or more Average Annuity Premium by Type in 2016 $89k $105k $133k $116k $148k $150k $135k Fixed-rate All Indexed All Variable Deferred Annuity Indexed GLWB VA GLWB SPIA DIA Lifetime Income Annuity Source: Annuity Buyer Metrics Study 2016, LIMRA Secure Retirement Institute,
38 Women rely on guaranteed income products Women who face increased longevity risk own a high percentage of the guaranteed income products 57% 43% 62% 38% 57% 43% Single-life VA with GLWB Single-life Fixed Immediate Income Annuity Single-life Deferred Income Annuity Women Men Source: Income Annuity Buyer Study, and VA Guaranteed Living Benefits Utilization: 2015 Experience, LIMRA Secure Retirement Institute, 2016.
39 VA GLB owners received ~$15 billion of guaranteed income payments in 2015 $8.4 billion: $1.1 billion: $5.1 billion: estimated industry guaranteed income payments for GLWB in 2015 estimated industry guaranteed income payments for GMWB in 2015 estimated industry guaranteed income payments for GMIB in 2015 Source: VA Guaranteed Living Benefits Utilization: 2015 Experience, LIMRA Secure Retirement Institute.
40 Annuity owners receive $8k $11k in annual guaranteed lifetime income or withdrawals. Average Annual Guaranteed Lifetime Income from Annuities 2015 $10,850 Per Year Deferred Income Based on 11,497 contracts $10,340 Per Year Fixed Immediate Based on 34,530 contracts $8,170 Per Year VA with GLWB Based on 456,603 contracts Source: Fact Book on Retirement Income, LIMRA Secure Retirement Institute, 2016, Income Annuity Buyer Study, and Guaranteed Living Benefits Utilization: 2014 Experience, LIMRA Secure Retirement Institute, The income payout amounts are based on 34,530 fixed immediate and 11,497 deferred income annuity contracts issued in VA-GLWB withdrawals are based on 456,603 VA-GLWB contracts issued before 2014 and taking only systematic withdrawals in
41 Annuity owners are more confident Very Confident in the Ability to Live the Retirement Lifestyle They Want Percentage of Households Own an annuity 35% Do not own an annuity 40% 35% 26% 25% 13% 10% 18% Very confident Very confident Very confident Very confident Mass-affluent (assets $100k- $499k) Afflluent (assets $500k- $999k) High-net worth (assets $1 mill+) All households Source: Annuities: Love Them When You Know Them, Hate Them When You Don t, LIMRA Secure Retirement Institute, 2014.
42 02 A FEW STRATEGIES TO CONSIDER 42
43 70 % Bought insurance/ investments as part of the plan Significant Lift in Products/investments Purchased 34% 24% Deferred Annuities 14% 13% 7% LTC insurance As Part of a Plan No Plan 5% Payout annuities 18% 9% Corp./Muni Bonds 14% 7% US Bonds/T. Bills Source: The Benefits of Retirement Planning, LIMRA Secure Retirement Institute, The survey is based on 2,166 investors comprised of 1,285 not-retired and 881 retired with investable assets of $100k or more between ages 55 to 75. Page 43
44 Engage and help clients at key retirement milestones. U.S. Retirement Milestones AGE 55 AGE 59½ AGE 62 AGE 65 AGE AGE 70 AGE 70½ If retired, may withdraw 401(k) savings without penalty Can withdraw tax-deferred assets without IRS penalty Partial Social Security benefit eligibility Medicare benefit eligibility Full Social Security benefit eligibility Maximum Social Security benefit eligibility Must take RMD (required minimum distribution) Source: LIMRA Secure Retirement Institute, 2015 Page 44
45 WALK ALONG WITH YOUR CLIENT At age 60, 62 and 65 38% Retirement income plans are done 39% VA GLWB buyers 38% DIA buyers 28% SPIA buyers 45 Source: The Benefits of Retirement Planning, LIMRA Secure Retirement Institute, 2016, Variable Annuity Guaranteed Living Benefit Utilization 2014 Experience,, LIMRA Secure Retirement Institute, 2016, Income Annuity Buyer Study(TBP),, LIMRA Secure Retirement Institute, 2016.
46 RETIREMENT PLANNING is now intrinsic to INVESTMENT ADVICE under new fiduciary environment. 46
47 More advisors want training on Social Security & Health-care planning. Social Security Claiming Strategies Top 5 Areas of Training Wanted by Advisors Percent of Advisors 49 % 42 % Health/LTC/ Medicare planning 40 % Regulatory Issues 36 % Estate Planning 36 % Tax advice Source: What Do Advisors Think About Retirement Income Planning?, LIMRA Secure Retirement Institute, Page 47
48 FINANCIAL PROFESSIONAL OF THE FUTURE PRODUCT FOCUSED Selling SERVICE/ KNOWLEDGE FOCUSED Retirement Planning Value Added Advice LOWER Consumer Perceived Value FUNGIBLE HIGHER Consumer Perceived Value STICKY 48
49 Thank you Contact information: Jafor Iqbal Assistant Vice President LIMRA Secure Retirement Institute
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